Corridor cash attracts London and Cambridge drug firms

MORE details have emerged about the first companies to benefit from a £2m fund to support science-related enterprise along the Oxford Road corridor in Manchester.

According to council papers for the economic scrutiny committee there have been 36 enquiries, although four were deemed ineligible. So far four have secured cash.

The fund, which will run until 2015, is expected to help create 100 jobs and the first four awards have created 57.5 and safeguarded nine.

The first company to benefit was London-based Retroscreen Virology which creates drugs and vaccines for a number of respiratory diseases.

It has received £170,000 which has been used to part-fund a Manchester base at Manchester Science Park where it expects to employ up to 20 people. It has taken 6,000 sq ft which will be used for clinical trials.

Prenatal screening firm Premaitha Health has received the same amount which it is using to help fund a move from Cambridge to the city, bringing 20 jobs. Chief executive Stephen Little set up and sold another science park firm DxS.

He said:  “We chose Manchester as a location for two reasons. From a commercial perspective, it is a great place for our type of business because of the high numbers of experienced scientists in the region. From a personal perspective I couldn’t think of a better city in which to live. MSP has the benefit of being in the heart of Manchester. Originally the business was based in Cambridge – the funding from the CGF was very helpful in persuading the owners of Premaitha that we should relocate it to Manchester.”

Euprotec, already based at the science park, was awarded £165,000. It provides contract research services to companies involved in the discovery and development of new drugs to treat infection, respiratory diseases and allergies. It plans to put the cash towards the creation of a Greater Manchester Centre for Excellence for Antimicrobial Discovery and Development.

A fourth company, Cytox, secured £130,000 which it will use to expand its research facilities in Manchester. It is working on a testing platform that may help physicians to identify patients who are at risk of developing Alzheimer’s disease or other types of dementia.

The fund is backed by the Government’s Regional Growth Fund and administered by Manchester City Council.